KUALA LUMPUR: The law on digital currencies and digital tokens will come into effect on Tuesday and any person operating unauthorised initial coin offerings (ICOs) or digital asset exchange faces a 10-year jail and RM10mil fine.

Finance Minister Lim Guan Eng said on Monday after the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 would be effective Tuesday and the framework in place by end of the first quarter of this year.